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Canto (CANTO) Coin Surges Dramatically as Blockchain Gains Traction

Web3 Station

Web3 Station

— 2 min read
Canto (CANTO) Coin Surges Dramatically as Blockchain Gains Traction

The value of Canto's native token, CANTO, has skyrocketed nearly 4x in the past week, setting a new all-time high.

According to CoinMarketCap, CANTO is one of the strongest performers in the crypto market over the past 24 hours. On January 25, the price of CANTO surged by over 100% to $0.45, marking the highest value ever since its launch in September 2022. Compared to early January, CANTO has increased more than 5x. However, as of the time of writing, CANTO has significantly corrected to $0.35.

The dramatic rise in CANTO's price is attributed to the broader recovery of the crypto market in Q1, alongside a spike in trading volume on the decentralized exchange (DEX) Canto DEX, which saw a trading volume surge to $191.52 million, up 138% from the previous week.

This achievement has propelled Canto into the top 10 blockchains with the highest DEX trading volumes, surpassing Cosmos, TRON, NEAR, and Aptos, according to data from DeFiLlama. However, the total value locked (TVL) on the network remains relatively modest, standing at $77.4 million.

Launched in September 2022, Canto is a new layer-1 blockchain focused on developing DeFi solutions. Built on the Cosmos platform, Canto integrates Ethereum Virtual Machine (EVM) compatibility to connect with the Ethereum network.

At launch, Canto provided three main solutions to attract DeFi users:

  • Canto DEX: A DEX platform with zero fees for liquidity providers.
  • Canto Lending Market: A lending market mimicking Compound v2.
  • NOTE: A stablecoin issued by the Canto Lending Market, backed by USDT and USDC.

Additionally, Canto emphasizes decentralization by not conducting a token sale, having no token unlock schedule, refusing venture capital investment, and not allocating funds to a central organization for network development. Instead, governance is vested in the Canto DAO, composed of CANTO token holders.

The total supply of CANTO is capped at 1 billion tokens, with an initial circulating supply of 150 million tokens at launch. The distribution plan is as follows:

  • 13% (130 million CANTO) for developers.
  • 2% (20 million CANTO) for early supporters of the project.
  • 45% (450 million CANTO) for long-term liquidity mining over the next 5-10 years.
  • 35% (350 million CANTO) for short-term liquidity mining in the coming months.
  • 5% (50 million CANTO) to fund development projects for the community’s benefit.

Canto plans to curb inflation by allowing the Canto DAO community to vote on token issuance levels to align with network conditions.

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